Accelerant (NYSE:ARX) Trading Down 5.2% – Here’s Why

Accelerant Holdings (NYSE:ARX) was down 5.2% on Thursday . The company traded as low as $12.24 and last traded at $12.3950. 678,944 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 1,412,492 shares. The stock had previously closed at $13.07.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wells Fargo & Company raised their price target on Accelerant from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. UBS Group set a $16.00 price objective on Accelerant in a research note on Thursday, May 21st. Raymond James Financial raised their target price on shares of Accelerant from $16.00 to $19.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Weiss Ratings raised shares of Accelerant from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. Finally, Citizens Jmp lowered their price target on shares of Accelerant from $20.00 to $17.00 and set a “market outperform” rating for the company in a report on Monday, April 13th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.70.

Accelerant Price Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 1.61. The business has a 50-day simple moving average of $14.18 and a 200 day simple moving average of $13.62. The firm has a market cap of $2.73 billion and a P/E ratio of -1.79.

Accelerant (NYSE:ARX) last issued its quarterly earnings data on Wednesday, May 13th. The technology company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. The firm had revenue of $273.20 million for the quarter. Accelerant had a positive return on equity of 49.99% and a negative net margin of 135.47%.The company’s quarterly revenue was up 53.5% on a year-over-year basis. On average, analysts anticipate that Accelerant Holdings will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Accelerant

In other Accelerant news, insider Francis James Oneill sold 76,464 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $13.11, for a total value of $1,002,443.04. Following the completion of the transaction, the insider directly owned 7,050,125 shares in the company, valued at approximately $92,427,138.75. This represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nancy Hasley sold 35,000 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $13.11, for a total transaction of $458,850.00. Following the completion of the sale, the director directly owned 1,362,323 shares of the company’s stock, valued at approximately $17,860,054.53. This represents a 2.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 495,500 shares of company stock valued at $6,497,784. 66.59% of the stock is currently owned by company insiders.

Institutional Trading of Accelerant

Large investors have recently bought and sold shares of the company. State of Wyoming bought a new position in shares of Accelerant in the 1st quarter worth approximately $28,000. Quarry LP bought a new stake in shares of Accelerant during the third quarter valued at approximately $40,000. PNC Financial Services Group Inc. purchased a new stake in Accelerant in the third quarter worth $42,000. CWM LLC bought a new position in Accelerant in the fourth quarter worth $109,000. Finally, Royal Bank of Canada raised its holdings in Accelerant by 50.3% in the first quarter. Royal Bank of Canada now owns 7,729 shares of the technology company’s stock worth $103,000 after purchasing an additional 2,585 shares in the last quarter.

About Accelerant

Aeroflex Holding Corp. (Aeroflex Holding) is a provider of radio frequency (RF) and microwave integrated circuits, components and systems used in the design, development and maintenance of wireless communication systems. The Company’s solutions include microelectronic components and test and measurement equipment used by companies in the space, avionics and defense; commercial wireless communications, and medical and other markets. Its products include a range of RF, microwave and millimeter wave microelectronic components, integrated circuits (ICs), and analog and mixed-signal devices.